The heightened downward pressure on the US Dollar (USD) maintained the strong recovery in AUD/USD well in place, motivating the pair to finally reclaim the 0.6600 barrier and beyond on Thursday.
AUD/USD extends its strong recovery beyond 0.6600. Immediately to the upside comes the March high near 0.6670. Australia n Services sector remained healthy in March. The heightened downward pressure on the US Dollar maintained the strong recovery in AUD/USD well in place, motivating the pair to finally reclaim the 0.6600 barrier and beyond on Thursday.
RBA cash rate futures still imply an expectation of just under 50 bps of policy rate cuts in 2024. It's noteworthy that the RBA is one of the final G10 central banks expected to contemplate interest rate adjustments this year. Due to the differing timelines for monetary policy adjustments between the RBA and the Fed, the Australian dollar may gather momentum later in the year, potentially leading to further strengthening in AUD/USD. If the pair surpasses the December 2023 peak of 0.
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